Contracts And Deeds - Need To Know Flashcards
What kind of contract is an option?
An “exercised” option?
Unilateral
Bilateral
An employment contract between the broker and the agent, as an independent contractor, is ________
Unilateral
How is a unilateral contracted usually spotted?
The use of a condition:
“If, then” language
A person who signs or executes a document is known as a(n) ________
Signatory
*the executor settles the will
If the seller is not sure he wants to sell during the next five years, what should he give a lessee who is interested in buying?
First right of refusal
What clause would allow a tenant to match any offer to purchase the property?
Right of First Refusal
What gives a tenant the most flexibility if they are considering. Using the property they are currently renting?
Option
Under the Statute of Frauds, what does not have to be in writing?
A lease for less than one year
If a party to an agency agreement stops performing their contractual obligations, what has the party violated?
The implied covenant of good faith
If a party to an agreement attempts to sabotage the other party in performing their duties, what has the sabotaging party violated?
The implied covenant of fair dealing
After an agreement has been entered into and one party dies, what is the status of the contract?
Unless it is an agency or some other personal service contract, the deceased party’s estate will continue the contractual obligations of the deceased.
- A seller finance contract would continue post death.
Do all contracts need to be in writing?
Only contracts governed by the Statute of Frauds need to be in writing.
The best way to correct errors on a deed, or clear clouds from the title would be to record a _________
Quit Claim Deed
If a grantor delivers a deed to escrow, then dies before delivery is made to the grantee, what is the condition of the deed?
It is legal if all conditions have been met - third party delivery.
If a seller conveys a deed to one buyer who does not record, and the same deed to another buyer who also does not record, who owns the property?
The buyer who records the deed first.
